LONDON, April 2. /TASS/. Gulf countries are considering the possibility of building oil pipelines bypassing the Strait of Hormuz amid the conflict around Iran and the risk of supply disruptions, the Financial Times (FT) newspaper wrote, citing sources.
New routes could reduce dependence on the strait, though their implementation would be costly and take years, according to sources. Against this background, the region is also discussing the expansion of existing capacity, including the Saudi Arabian East-West oil pipeline. Similar projects have previously been postponed due to high costs and complexity, but the current crisis has increased the interest in alternative export routes, the publication said. Decisions will depend on how the situation around the Strait of Hormuz develops.
The US and Israel launched a military operation against Iran on February 28. Major Iranian cities, including Tehran, were hit. Iran's Islamic Revolutionary Guard Corps (IRGC) launched retaliatory strikes against Israel and US military facilities in Bahrain, Jordan, Iraq, Qatar, Kuwait, the UAE, and Saudi Arabia.
Iranian authorities also decided to close the Strait of Hormuz to vessels linked to the US, Israel, and countries that supported the aggression against the Islamic Republic. During the conflict, several tankers were attacked for transiting the strait without Tehran’s permission. On March 25, Foreign Minister Abbas Araghchi announced that Iran had allowed friendly countries, including Russia, India, Iraq, China, and Pakistan, to pass through the Strait of Hormuz.